GE Capital Interbanca: Consolidated Financial Results (In accordance with IAS/IFRS - International Financial Reporting Standards)

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GE Capital S.p.A. Iscritta all'albo delle banche.

Sede Legale: 20121 Milano - Corso Venezia, 56 - Capitale euro 217.335.282,00

Codice fiscale, Partita IVA e Registro delle Imprese di Milano n. 00776620155 - Casella Postale: 1247 - 20121 Milano Telefono: 02 7731.1 - Facsimile: 02 784.321 – Sito web: www.gecapitalinterbanca.it

Imposta sostitutiva D.P.R. 29.9.1973 n. 601 - Tit. IV

GE Capital

Interbanca

Corso Venezia 56

20121 Milano

T +39 02 77311

F +39 02 784321

PRESS RELEASE

GE Capital Interbanca:

Consolidated Financial Results 12.31.2009

(In accordance with IAS/IFRS - International Financial Reporting Standards)

Net Interest Margin € 23 MM

Net fee and commission income € 13 MM

Net interest and other banking income € 56 MM

Operating Costs € 80 MM

Net Profit (loss) for the year € 257 MM

Milan, April 26, 2010: The Ordinary Assembly of GE Capital Interbanca has approved the

Separate Financial Statements at December 31, 2009, following a meeting today.

Last year, GE Capital Interbanca proactively managed its loan portfolio, and undertook a

comprehensive reorganization of the bank to adapt its operations to changing market

conditions. The bank continued to lend to Italian businesses throughout 2009, which was the

first year in GE (General Electric).

The 2009 Income Statement reflects provisions of € 200 million to cover both performing and

non-performing loans and financial assets. These provisions, along with provisions for

organizational restructuring (€ 22 million) and impairment on deferred tax assets (€ 64 million),

contributed to a total consolidated loss of € 257 million. However, this performance is an

improvement on 2008 results.

As part of GE, GE Capital Interbanca can further improve service quality by accessing

customer best practice examples from GE’s international network. In addition, by becoming

part of GE a new Banking Group can be created which will make GE Capital Interbanca an

advanced banking platform for small and medium-sized businesses, focused on supporting

development objectives and investment plans.

In relation to balance sheets and, more generally, the Bank's activity is reported as follows:

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Total loans to customers and due from banks declined 16.2% compared to 2008. Loans to

customers declined 16.1% as a result of the containment of disbursements with respect to

loans reaching maturity.

Total disbursements in 2009 were € 500 million, a decline from the € 2.4 billion disbursed in

2008.

Equity Investment

During the year 2009, two divestments were completed for a total value of € 10.5 million.

As at 31 December 2009, the merchant banking portfolio consists of 13 active equity

investments.

Investment banking

In 2009, GE Capital Interbanca carried out a series of Mergers & Acquisitions and Equity

Capital Markets transactions, supporting both private equity funds and industrial corporations.

Our mandates involved assistance in acquisition transactions (buy-side), sales transaction

(sell-side) and increases in share capital on regulated and unregulated markets. Among the

transactions concluded, GE Capital Interbanca acted as Sponsor in the listing of Effegi Group

on the Alternative Capital Market, one of the few listings made in 2009 in Italian markets.

Consolidated balance sheet and income statement tables are on the following pages.

Further information, please contact:

GE Capital Interbanca - Lavinia Piana - Brand and Communications Manager

T: +39 06-41538401 M: +39 346 9425022 E :

lavinia.piana@ge.com

Close to Media - Giulia Ferrario, Paolo Monti T +39 02-7006237 M: + 39 3346267334

E: giulia.ferrario@closetomedia.it; paolo.monti@closetomedia.it

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Assets

10. Cash and cash equivalents 43 206 20. Financial assets held for trading 83.845 127.141 30. Financial assets designated at fair value through profit and loss 4.815 4.815 40. Financial assets available for sale 148.369 159.837 50. Financial assets held to maturity -

-60. Due from banks 432.231 527.366

70. Loans to customers 4.842.392 5.765.655 80. Hedging derivatives 9.770 88.817 120. Tangible assets 52.214 53.557 130. Intangible assets 1.584 3.051 of which: goodwill - - 140. Tax assets 126.308 159.852 a) current 15.738 30.231 b) deferred 110.570 129.621 150.

Non current assets and disposal groups held for sale and discontinued

operations -

-160. Other assets 37.204 51.006

Total assets 5.738.775 6.941.303

31.12.2009 31.12.2008 CONSOLIDATED BALANCE SHEET (in thousands of Euro)

Liabilities and Shareholders' Equity

10. Due to banks 38.039 4.366.312

20. Due to customers 4.090.648 112.745

30. Securities issued 933.980 1.647.358

40. Financial liabilities held for trading 85.872 126.773 50.

Financial liabilities designated at fair value through profit and

loss -

-60. Hedging derivatives 5.156 40.535

70. Fair value change of financial liabilities in hedged portfolios (+/-) -

-80. Tax liabilities 11.270 30.745

a) current 1.067 19.186

b) deferred 10.203 11.559

90.

Liabilities associated with non current assets and disposal

groups held for sale and discontinued operations -

-100. Other liabilities 59.499 60.257

110. Severance indemnity fund 7.010 7.987 120. Allowances for risks and charges 24.594 13.290

a) staff retirement funds and similar liabilities - -

b) other allowances 24.594 13.290

140. Valuation reserves 45.805 (19.069)

150. Reimbursable shares -

-160. Equity instruments -

-170. Reserves 122.604 341.486

180. Share premium reserve 354.148 354.148

190. Share capital 217.335 217.335

200. Treasury Shares (-) -

-210. Minority interests (+/-) - (14.128) 31.12.2007 31.12.2008

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Items 31.12.2009 31.12.2008

10. Interest income and similar revenues 219.270 377.801

20. Interest expense and similar charges (196.568) (281.619)

30. Net interest margin 22.702 96.182

40. Fee and commission income 14.279 27.428

50. Fee and commission expense (1.268) (749)

60. Net fee and commission income 13.011 26.679

70. Dividends and similar revenues 83 128

80. Profits (Losses) on trading (5.555) 3.205

90. Net result of hedge accounting (2.470) (451) 100. Profits (Losses) on disposal or repurchase of: 28.321 2.290

a) loans -

-b) financial assets available for sale 27.755 600 c) financial assets held to maturity -

d) financial liabilities 566 1.690

110. Profits (Losses) on financial assets and liabilities

designated at fair value - (28.890)

120. Net interest and other banking income 56.092 99.143 130. Net impairment losses and reversals of (impairment on): (224.144) (460.026)

a) loans (161.164) (299.500)

b) financial assets available for sale (61.725) (143.196) c) financial assets held to maturity -

-d) other financial activities (1.255) (17.330) 140. Net income from banking activities (168.052) (360.883)

150. Net insurance premiums -

-160. Other net insurance income (expense) - -170. Net income from banking and insurance activities (168.052) (360.883)

180. Administrative expenses: (78.809) (54.071)

a) personnel expenses (52.570) (33.677)

b) other administrative expenses (26.239) (20.394) 190. Net provisions for risks and charges 621 (8.770) 200. Net adjustments to/recoveries on tangible assets (1.541) (1.802) 210. Net adjustments to/recoveries on intangible assets (1.657) (1.673)

220. Other operating expense/income 1.282 3.607

230. Operating costs (80.104) (62.709)

240. Profits (Losses) on investments in associates and companies subject to joint-control - -250. Valuation differences on tangible and intangible assets

measured at fair value -

-260. Goodwill impairment -

-270. Profits (Losses) on disposals of investments 13 -280. Profit (Loss) before tax from

continuing operations (248.143) (423.592)

290. Taxes on income from continuing operations (9.042) 62.523 300. Profit (Loss) after tax from

continuing operations (257.185) (361.069)

310. Proft (Loss) after tax from

discontinued operations - 173

320. Net profit (Loss) for the year (257.185) (360.896)

330. Minority interests - (16.425)

340. Parent Company's net profit (loss) (257.185) (344.471) CONSOLIDATED INCOME STATEMENT (in thousands of euro)

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About GE Capital

GE Capital is a leading provider of specialist finance throughout the EMEA region, providing a wide

range of solutions including: accounts receivable management, inventory finance, ABL, cross-border

financing, leveraged finance, European leasing/vendor finance and fleet management. GE Capital

focuses on sectors where it can share GE's 130+ year heritage with customers - energy, healthcare,

media, transportation and industrial - and has a major footprint in EMEA, including an exciting $8 billion

commercial finance JV planned with Mubadala in Abu Dhabi.

GE Capital Italy

GE Capital Italy recently acquired the leading corporate bank Interbanca and provides a broad range of

financial solutions to help customers, such as Corporate Lending, Structured Finance, Private Equity

investments as well as leasing, lending, fleet management and factoring products and services. Total

Assets $12BN, HC: 600. For further information please visit:

www.gecapitalinterbanca.it

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